Norway records highest power price in July

Source: Xinhua| 2018-08-03 00:45:05|Editor: yan
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OSLO, Aug. 2 (Xinhua) -- Norway has never had as expensive electricity as in this July, online business newspaper E24 reported Thursday.

The reason for this is extreme summer heat, combined with abnormally little wind, which led to lower production of renewable energy, energy supplier LOS Energy said.

What is called the system price ended at 51.7 euros per megawatt hour in July.

The previous record was set in 2006, when it reached 49.52 euros per megawatt hour.

Besides, several Nordic nuclear power plants have also run maintenance this summer, which contributed price increase, the report said.

"During July, the Nordic electricity export abroad stopped and prices were quite similar between the Nordic countries and the continent. Norway exported electricity from southern part of the country to Denmark, the Netherlands and Sweden," the supplier said.

In case the drought continues, the price levels in the Nordic countries will exceed German prices, which are usually higher than the Nordic countries.

LOS Energy, however, ensures that autumn and rain are on their way, which will decrease the prices, E24 wrote.

"After the sun there is always rain, and the market does not expect a long and lasting drought period. Market prices in autumn and next year are therefore to be lower than the prices we saw at the end of July," the company said.